ALC - Wedgewood Partners Second Quarter 2021 Client Letter

• Wedgewood Partners is a money manager founded in 1988 with the goal of providing investors with a superior approach to managing investment portfolios.
• For Q2'21, our Composite (net) gained +11.8%. The S&P 500 Index gained +8.6%. The Russell 1000 Growth Index gained +11.9%. The Russell 1000 Value Index gained +5.2%.
• We sold Alcon. We purchased Taiwan Semiconductor.
• In our recent Letters we have worried quite a bit. In our +40 years of investment experience (and study of stock market history) we have never seen the speculative bit so entrenched in the teeth of the stock market’s euphoria. The stock market floats on a sea of debt unmatched in decades.

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